Know your numbers well and have a watertight business case. Often times companies are ill prepared, which delays the process, adds to the cost of getting ready and impacts negatively the final value.
Think about the design early. It does impact who you will be attractive to. If you target Microsoft, the optimal company design will be different than if you are targeting SAP.
KISS approach is often the way to go. There is often the temptation to continue adding bells and whistles on your business. The more diverse your business gets, the more complicated it will be for someone to acquire it and see the value in all what you built or pay the price for it. For example, a biotech company would be often bought for that one specific compound it came up with. So you better spend your money to get that compound as far through the approval process as you can as that brings value rather than having a suite of patents around it.
Early preparation is key. Think early what you are trying to do and what you will be trying to sell. Early focus will enable you to structure the company appropriately, keep the timing tight and go for the best deal on the table.
If you decided to sell, go for it. Don’t think you’ll get more the next time around. You lose focus on the business and the value points may shift.